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Chapter 14 - Processing Statements

Interchange. When I first entered the bank card space I was asked a million times ‘What’s your rate?’. Today the same questions are asked by a merchant base completely in the dark as to how fees are assessed.  Which brings us back to interchange - the core fees which constitute the majority of the fee assessed to the merchant.


Everyone uses plastic to make purchases. However it may surprise you to know current credit card processing can trace its roots back thousands of years. Did cave men use credit cards? From the fields of the gold rush to the company store, our journey ends in the banking structure of today.


There are only two types of people in the processing word. Those who use credit cards and those who accept them. Many times one person can be both! We will take a look at the needs, concerns and issues of each, and see how one influences the other.


Our final topic of conversation is in introduction to how payment cards are processed. We will track the dollars from consumer to merchant, and demystify the process. Thus armed, you will better understand the value which you will bring to the merchant, from both a financial and service perspective.

iProcess - Knowing the Payment Industry

Section 5 - Working with Interchange

You are what you repeatedly do. Excellence is not an event - it is a habit
- Aristotle

Processing StatementsProcessing statements

We have discussed quite a few things…yet now it’s time to mention the value of processing statements when identifying financial advantages to potential customers. We will discuss our sales process in later chapters; however, the value of processing data inn the form of statements from a merchant warrants a quick mention.

In servicing your prospective customer, keep in mind the following guidelines. They may assist you in better understanding how you should proceed with a merchant:

  • Processing Statements are an invaluable resource - by collecting a few months processing statements, we can provide an ‘apples to apples’ pricing comparison for a merchant. You can then demonstrate specifically where you can best benefit the merchant when compared t their current provider.
  • Cost-Plus to Cost Plus, tiered to tiered - typically it is best to keep . . .

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iProcess - Sell Payment Processing Like a Pro!